Goldman Sachs to Offer a Digital Checking Account and Wealth Management Tool

Smartphone users have something to look forward to from Goldman Sachs.

The bank will be offering a digital checking account to users next year as well as a wealth management tool this year.

Goldman Sachs is working to release a digital wealth management tool this year and a checking account in 2021, said Goldman executive Eric Lane on Wednesday at the New York-based bank’s first investor day.

“We aspire to be the leading digital consumer bank,” Lane said to investors. “We’re starting with loans, we added savings and cards, and we’re working to build out the balance of the digital products suite, including wealth and checking.”

The new digital checking account will probably be delivered through the firm’s new Marcus app, according to a Goldman Sachs spokesman.

“We’re trying to deliver a retail bank branch through your phone,” Lane said, adding that the Marcus app will soon get budgeting tools and other personal finance features.

According to Lane, Goldman wants to double the consumer deposits it holds to $125 billion over the next five years and to generate $700 million to $900 million in pretax income excluding reserves.

Disclaimer: We have no position in Goldman Sachs Group Inc. (NYSE: GS) and have not been compensated for this article.